Sullivan Opposes Fiscally Irresponsible Democrat Housing Bailout

Statement

Sullivan Opposes Fiscally Irresponsible Democrat Housing Bailout

Today, Congressman John Sullivan issued the following statement after voting against H.R. 1106, the $275 billion Democrat Housing Bailout.

"The current instability in our nations housing market has left many hardworking American families in jeopardy of losing their homes. Instead of moving forward with a responsible plan to help those who play by the rules keep their homes, House Democrats chose to pass another massive bailout that rewards irresponsible homebuyers to the tune of $275 Billion. It is alarming to think of all of the bad actors who can and will take advantage of this bailout. Borrowers who misrepresented their income or assets on their mortgage application, borrowers who put no money down and accepted teaser rates knowing that they couldn't make the real payments once the rates reset, borrowers who withdrew all the equity in their home to spend on other things, and lenders who knowingly made loans to people that they knew couldn't afford it. Why should the more than 90 percent of homeowners who are making their mortgage payment on time be stuck with the bill for irresponsible homeowners and lenders?"

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